Austin, TX 3/8/12 (StreetBeat) – Stein Mart Inc. (Nasdaq: SMRT) reported drops of more than 50 percent in its net earnings for the fourth quarter and fiscal year 2011.The retailer’s net income for the fourth quarter that ended Jan. 28 fell 69.7 percent to $5.7 million, or 0.13 cents per diluted share, compared with $18.8 million, or 0.42 cents per diluted share during the same period that ended Jan. 29, 2011.
For the year 2011, net income was down 59.4 percent to $19.8 million, or 0.44 cents per diluted share, compared with $48.8, or $1.08 per diluted share for 2010.
Interim CEO Jay Stein attributed the losses to poor sales results.
Comparable store sales fell 2.2 percent for the fourth quarter 2011 and total sales were down 2.5 percent to $328.1 million from $336.7 million during the same period in 2010. For the year comparable store sales decreased 1.1 percent and total sales were fell 1.8 percent in 2010.
“While we were disappointed, we are determined to return to the everyday low prices that built this company,” Stein said in a press release. “We all realize our long-term success continues to be dependent on profitably growing our sales. We are working hard to find the right promotional balance with our efforts to reduce reliance on coupons to drive store traffic.”
Stein Mart, based in Jacksonville, operates 264 fashion stores across the U.S.
The company’s stock traded between $5.65-$10.95 in the last 52 weeks. The stock closed at $6.98 March 7.
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